"There's no way people who were secretly supporting him would have been able to say in public 'Yes, I'm going to vote for him.' Anti-immigration. Anti-Chinese. Anti-Mexican. Anti-gay. Anti-women. No one was going to say 'Yeah, I'm going to vote for Trump' out loud."
Brown said the U.S. stock market benefited once the uncertainty of the presidential election was over.
"A lot of times, the fear of an event is much worse than when the actual event happens," Brown said.
He dismisses theories that the stock market is going up now on the premise that Congress will agree on a fiscal stimulus package and tax cuts.
"The evidence suggests that the stock market is rallying because there's a global economic recovery," Brown said.
"It's synchronized. For the first time since the crisis, all of the world's economies are growing at the same time."
Investors, of course, cannot expect stocks to go up indefinitely. Longer term, Brown said the outlook in 10 years or so indicates that returns for stocks could be lower than average, given that yields for 10-year Treasury bonds are less than 2.5 percent.
Investors "should curb their enthusiasm about future returns. They should be planning to put away a lot more money because it's probable, not definite, but probable that returns could be lower."
Brown said he wouldn't advise anyone to make drastic moves of any sort because they think the market could go up 20 percent or more next year for some reason -- or because they think the market is on the verge of a crash.
Don't go with your gut.
"I don't think people should be investing based on their feelings because feelings can change day to day."
About The Writer
Susan Tompor is the personal finance columnist for the Detroit Free Press. She can be reached at firstname.lastname@example.org.
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